Regulators have dismissed allegations of insider trading against a Hong Kong-based analyst who was fired after selling off shares in a company headquartered in Vancouver.
B.C. Securities Commission (BCSC) alleged in July 2014 that Hon Seng (Victor) Lum sold his shares in Baja Mining Corp. (TSX-V: BAJ) after discovering cost overruns in Mexico’s El Boleo copper mine were much greater than expected.
But on July 16, a BCSC panel determined it had “not established on the balance of probabilities that Victor Lum had knowledge of material information that had not generally been disclosed prior to the sale of Baja shares.” Lum was employed by MK Hong Kong in May 2012 to analyze natural resource investments for his parent company when he travelled to Mexico to review the troubled mining project.
TYLER ORTON – Business in Vancouver – July 16, 2015.
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